By Oluwakemi Kindness
India’s state-run fuel companies have increased petrol and diesel prices for the fourth time in 10 days as the ongoing Middle East war continues to disrupt global oil supplies.
The latest adjustment, announced on Monday, comes amid mounting pressure on energy imports following Iran’s near-total blockade of the Strait of Hormuz, a key global oil transit route through which India sources nearly half of its crude imports.
Since the conflict began in February, fuel prices in India have risen by about five percent, affecting transportation and household costs across the country.
In New Delhi, petrol prices increased from 99.5 rupees to 102.12 rupees per litre, while diesel now sells for 95.20 rupees after a fresh hike of just over two rupees nationwide.
The development follows recent remarks by Indian Prime Minister Narendra Modi, who defended restrictions on fuel use as part of efforts to reduce pressure on foreign exchange reserves spent on energy imports.
To cushion the impact of supply shortages from the Middle East, India has expanded imports of Russian crude oil after a temporary sanctions waiver from the United States.
India’s Minister for Petroleum and Natural Gas, Hardeep Singh-Puri, recently disclosed that oil marketing companies are losing as much as 120 million dollars daily due to the disruptions, but assured citizens that energy imports and supplies would remain uninterrupted.
